Gold and silver rise again at home: Crude oil prices rise above $78

Precious metal range bound in the world market: Rupee continued to advance against the dollar

MUMBAI: Global gold and silver have remained rangebound for some time now amid persistent uncertainty over the debt ceiling hike in the US approaching. Investors are also feeling confused and seem to be vacillating between the dollar and gold. On Wednesday, gold and silver recovered from the lows in the global market and the dollar index also rose. Prices of precious metals also rose at home. Crude oil is facing a situation like a boiling point due to the threat of oversupply. The price has been bullish and crossed the $78 level intraday. The rupee advanced against the dollar.

At home in the Mumbai market, the price of ten grams of 99.90 gold rose to Rs 60,680 without GST. The price of ten grams of 99.50 was Rs 60437. With GST, the prices were raised by three percent. The price of silver .999 per kg without GST was Rs 71129. With GST, the prices were raised by three percent.

Gold of 99.90 per ten grams was quoted at Rs 62600 in Ahmedabad market, while the price of ten grams of 99.50 was quoted as Rs 62400. Silver .999 was sold at Rs 73000 per kg.

Even though the June 1 deadline to raise the debt ceiling in the United States is approaching, as uncertainty still prevails, fund managers are also confused and are seen oscillating between the dollar and gold. In the global market, gold prices rebounded from Tuesday's lows to settle at $1,981 per ounce late on Wednesday evening, while silver settled at $23.47 per ounce. The dollar index was also strong at 103.64. Generally, gold and dollar index moves in opposite direction. But now a different picture is being seen.

Speculators are counting on OPEC countries to further cut crude oil production after Saudi Energy Minister's warning to watch out for short sellers of crude oil, which resulted in crude oil prices jumping above $78. Nymax WTI crude oil rose to $74.07 per barrel while ICE Brent crude oil traded at $78.30 per barrel intraday and $77.35 to settle at $77.90 late in the evening. Crude oil prices were also supported by reports of declining gasoline inventories in the US.

The rupee had a mixed move against global currencies. The rupee saw further improvement against the dollar. Dollar decreased by 14 paise to 82.67 rupees, pound increased by 39 paise to 102.94 rupees and euro increased by 01 paise to 89.28 rupees.